Brookdale Senior Living Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Reports Asset Impairment Charges for the Quarter Ended June 30, 2016; Reaffirms Earnings Guidance for the Full Year 2016
Aug 8 16
Brookdale Senior Living Inc. reported consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported total revenue of $1,258,830,000 compared to $1,238,184,000 a year ago. Income from operations was $58,287,000 compared to loss from operations of $43,123,000 a year ago. Net loss attributable to common stockholders was $35,450,000 or $0.19 per basic and diluted share compared to $84,547,000 or $0.46 per basic and diluted share a year ago. Adjusted EBITDA was $201,478,000 compared to $188,359,000 a year ago. Net cash provided by operating activities was $107,496,000 compared to $100,767,000 a year ago. Recurring capital expenditures, net was $13,668,000 compared to $17,425,000 a year ago.
For six months, the company reported total revenue of $2,521,986,000 compared to $2,486,065,000 a year ago. Income from operations was $99,641,000 compared to loss from operations of $159,996,000 a year ago. Net loss attributable to common stockholders was $84,225,000 or $0.45 per basic and diluted share compared to $214,998,000 or $1.17 per basic and diluted share a year ago. Net cash provided by operating activities was $177,839,000 compared to $110,824,000 a year ago. Additions to property, plant, and equipment and leasehold intangibles, net were $190,060,000 compared to $178,348,000 a year ago. Adjusted EBITDA was $384,222,000 compared to $376,678,000 a year ago. Recurring capital expenditures, net was $26,949,000 compared to $32,428,000 a year ago.
The company reported asset impairment of $4,152,000 for the second quarter ended June 30, 2016.
For the year 2016, the company reaffirming adjusted cash from facility operations guidance range, expressed on an aggregate basis, and is providing a recasted range for adjusted EBITDA using its new definition. The company expects adjusted cash from facility operations in a range of $455 million to $475 million. Full year Adjusted EBITDA, as newly redefined, is expected to be in a range of $870 million to $890 million, excluding integration, transaction, transaction-related and strategic project costs. Additionally, based on expected closings of certain transactions not originally included in revenue guidance, the Company expects full year senior housing and ancillary services revenue to be reduced by $25 million to $30 million, though the guidance range for such revenue remains at $4.2 billion to $4.3 billion. The company continues to expect its full year capital expenditures (excluding recurring capital expenditures that are included in cash from facility operations) to be in a range of $210 million to $220 million. The company's full year projected capital expenditure's guidance for no development CapEx remains at $230 million to $245 million, with developing CapEx or Program Max at approximately $45 million.